Morgan Stanley discloses nearly $1bn loss from Archegos' collapse

Morgan Stanley on Friday reported a 150% jump in first-quarter profit but disclosed a $911 million loss related to the collapse of US hedge fund Archegos Capital Management. Morgan Stanley is the only major US bank to face losses from fallout of Bill Hwang's family office. Switzerland's Credit Suisse Group lost $4.7 billion while Japan's Nomura Holdings lost $2 billion.